Realized cap means RV(Realized Value) multiplied by in circulation. To caclculate it, sum BTC prices when they were last moved. Then, take an average of them. Then, multiply by the total number of coins in circulation.
Bitcoin(BTC) RV long-term holders who hold more than 1 year have been increasing, which means BTC has been acknowledged an asset for hedging the inflation by investors.
On the other hand, RV short-term holders who hold less than 1 year have been decreasing. There are 3 up and down cycles. When were the tops in each cycle? It's the moment when the ratio of short-term holders skyrocketed. When were the bottoms in each cycle? It's the moment when the ratio of 1w-1m holders is around 3%.
Anyways, it seems like we passed the bottom this cycle. It's the time when the patience is needed for long-term investors.
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